Interactive Intelligence purchased 100 percent of Latitude’s stock for approximately $14 million in an all-cash transaction funded from Interactive Intelligence’s cash-on-hand.
On a trailing twelve month basis ending Sept. 30, 2010, Latitude recorded revenue of approximately $7.8 million, up 46 percent over its revenues during the prior twelve month period. Latitude has no outstanding debt.
“The acquisition of Latitude reflects one of our ongoing growth strategies of using our strong cash position to add industry-specific applications and expertise – a strategy we kicked off last year with our acquisition of insurance content management provider, AcroSoft,” said Interactive Intelligence founder and CEO, Dr. Donald E. Brown.
“Latitude founder and president, Carl Harkleroad and his team have created a well-architected and scalable software suite that’s delivered on-premise or via the cloud,” continued Brown. “Latitude’s offering backed by 13 years of industry experience will augment our growing presence in the debt collection vertical, where we continue to see increased demand for our all-in-one IP communications software suite and sophisticated outbound dialing functionality.”
“We’ve seen rapid growth of our 200-plus customer base, which includes Fortune 500 companies that range from credit card servicing and auto financing firms, to one of the country’s largest providers of cable services,” Harkleroad said. “By joining Interactive Intelligence we believe that we can accelerate this growth, while offering our customers new products and services for contact centre automation, enterprise IP telephony, and business process automation.”
Interactive Intelligence will offer the Latitude Software suite as a standalone solution, which will include integration with its own Interaction Dialer(R) application, as well as with third-party dialer products.
Latitude will operate as a subsidiary of Interactive Intelligence and it will maintain its current headquarters in Jacksonville, Florida, which is currently staffed by 40 employees.
The Latitude team will continue to handle 24/7 customer support. Latitude customers will continue to receive product enhancements, both through generally available releases and requested customisation.
Latitude Software, a subsidiary of Interactive Intelligence, is a provider of debt collection software and services for collection agencies, first-party creditors, debt buyers, and law firms.
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